Belle Corporation (BEL) was originally incorporated in 1973 as Belle Mining and Oil Exploration, Inc. (Belle Resources) and was listed on the Philippine Stock Exchange on February 2, 1977. In 1989, Belle Resources developed a golf club named Tagaytay Highlands International Golf Club, Inc., which became its initial foray into the property development sector. Thereafter, Belle Resources changed its name to Belle Corporation in 1994 to underscore the shift in its principal activity. In early 2001, Belle decided to spin-off some of its property development assets. The spin-off involved the transfer of approximately 534 hectares of undeveloped land, 70 developed subdivision lots and 25 finished residential units into a newly formed subsidiary, Highlands Prime, Inc.

BEL's property development projects are located in Tagaytay City and Batangas, which consist of Alta Mira, Lakeside Fairways, Lakeview Heights, Pinecrest Village, Plantation Hills, Tagaytay Highlands Golf Club, Tagaytay Midlands Golf Club, The Belleview, The Country Club at Tagaytay Highlands, The Parks at Saratoga Hills, The Spa and Lodge at Tagaytay Highlands, The Verandas at Saratoga Hills, The Villas, and The Woodlands. The Company's affiliates consist of Belle Bay City Corporation, Metro Manila Turf Club, Inc, and Pacific Online Systems Corporation.

Source: SEC Form 17-A (2009)

Company History:

Once a dormant mining and oil exploration company, Belle Corporation shifted focus towards property development in 1989. Willy N. Ocier, the company’s current Vice Chairman, for sometime had been dreaming of one day developing an upscale resort in one of Luzon’s favorite weekend getaways. Then a successful stockbroker, Mr. Ocier spent his free afternoons driving to breezy Tagaytay to enjoy the clean air and at the same time, look for properties. It was then that he chanced upon a 360-hectare pristine site overlooking the majestic Taal Lake, which now forms part of the country’s premier destination for luxury living—the Tagaytay Highlands.

Today, Belle is the leading Philippine developer of high-end residential and leisure properties. Its developments are located in a recreational area comprising mountains, rolling hills, and lakeshore about 90 minutes south of Manila in Tagaytay City and Batangas province, with spectacular views of Taal Lake and the surrounding countryside.

The Belle Group owns approximately 1,280 hectares of land around existing finished and in-process projects, on which it will develop future projects over at least the next five years without the need for substantial new land acquisitions.

"I do what I do because of the fulfillment of being able to build structures and reshape landscapes that will forever be there, and being able to maintain these well so that these become part of other people’s lives," Mr. Ocier said.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Belle Corporation ("Belle" or the "Company") realized consolidated net income of P50.0 million for the three months ended March 31,2011. This is P63.6 million (56%) lower than the consolidated net income of P113.6 million for the three months ended March 31,2010, due to decreases in revenues and foreign exchange translation gains.